S&P 500 didn‘t produce much of a buy the dip reaction following the hot PPI, confirming my call for a bearish stocks outlook. Tech didn‘t serve much as a safe haven, and NVDA $870 can be counted on as being defended in today‘s quad witching as well. Bitcoin at $68K isn‘t a bullish start today either.

Quad witching would make for a volatile session that wouldn‘t be though one with a clear direction most of the time – similarly to yesterday, the day before etc., these situations are best approached from an intraday quick in and out point of view – it‘s always like this when we‘re facing a trend change ahead, even if still in the context of stock market upleg that‘s running on strong economy performance, overall consumer and household balance sheets and very much rising corporate profits (guidance not in unison is a different matter, but the glass is rather half full than empty).

What‘s more, real assets as per my calls have been doing great – from gold and its two latest intraday accumulation points within the consolidation following $2,200 run, copper having defended $4 with ease, silver with miners waking up and oil not really seeing $78 handle and rather making it through $80 for my next $82.50.
 

S&P 500 and Nasdaq Outlook

5,207 Jun contract support was tested, and then suffered a breakdown, with all the rebounds and selling best capitalized on in intraday terms, which will be true for at least today as well. Distribution is in the air, and those patient about a good entry point will be rewarded, as the larger direction will be first down and only then up again.

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